The following selected transactions relate to United Insulation Corporation. Uniteds year-end is December 31. Make journal entries for the following transactions, where required:

2021 Jan. 27 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $18 million at the banks prime rate. June 1 Arranged a four-month bank loan of $12 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 8% is payable at maturity. Oct. 1 Paid the 8% note at maturity. Nov. 1 Supported by the credit line, issued $8 million of commercial paper on a ten month note. Interest was discounted at issuance at a 6% discount rate. Dec. 31 Recorded any necessary adjusting entry(s). 2022 Sept. 1 Paid the commercial paper at maturity.